INR loses momentum amid dollar surge overseas
The Indian rupee fell sharply against the dollar in opening trades on Thursday tracing firm dollar overseas. INR opened at Rs 88.63 per dollar and hit a low of 88.68 so far during the day. Yesterday, rupee closed at 88.48 against the US dollar, aided by buying momentum in domestic equity markets and lower crude oil prices overseas. IT stocks led the surge after a senior Trump administration official has said that a trade deal between India and the U.S. can be worked out "soon". However, positive momentum in domestic equities are likely to limit downside in the counter. Benchmark indexes Sensex and Nifty ended up around 0.6 percent each on Wednesday, with IT stocks leading the surge following reports that the first phase of the India-U.S. bilateral trade agreement (BTA) was "near closure." Foreign investors bought shares worth Rs 1581 crore on a net basis Wednesday while domestic institutional investors net bought shares to the extent of Rs. 1360 crore, according to provisional exchange data.
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